The bacon strip is the ridge that runs along the underside of a mans testicles and up between the balls themselves to join the base of the penis.
Esteban: "hey Helen can you bring me a band aid, I just nicked my bacon strip while I was trying to shave my boys and the gooch again, theres blood everywhere!"
1) A small vertical strip of pubic hair over the genitals. Very popular with teens and women. A guy who has a bacon strip would be a homo.
2) A small streak of shit left in a pair of underwear. Caused by not wiping properly.
1) Holy shit Sally, your bacon strip really turns me on.
2) A girl took off my underwear last night, I thought I was going to score, but suddenly she noticed a bacon strip in my underwear.